2016-2017 Biennium
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84th Texas Legislature
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January 2015
Glenn Hegar
Texas Comptroller of Public Accounts
Glenn
Hegar
Texas Comptroller of Public Accounts
Comptroller
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Texas
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Gov P.O. Box 13528 Austin, Texas 78711-3528 512
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463
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4444 Toll Free: 1
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800
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531
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5441 ext: 3
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4444 Fax: 512
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463
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4902
January 12, 2015The Honorable Rick Perry, GovernorThe Honorable David Dewhurst, Lieutenant GovernorThe Honorable Joseph R. Straus, III, Speaker of the HouseMembers of the 84th LegislatureLadies and Gentlemen:
In accordance with Article III, Section 49a of the Texas Constitution, I present herewith my revenue estimate for the remainder of fiscal 2015 and the upcoming 2016-17 biennium.For 2016-17, the state can expect to have $113.0 billion in funds available for general-purpose spending. This represents 2016-17 total revenue collections of $110.4 billion in General Revenue-related funds, plus $7.5 billion in balances from 2014-15, less $5.0 billion reserved for 2016-17 transfers to the Economic Stabilization Fund (ESF) and the State Highway Fund.Estimated total 2016-17 revenue to General Revenue-related funds is $110.4 billion, with tax revenues accounting for approximately 89 percent of the total. Sixty-three percent of state tax revenue will come from sales taxes. Other significant sources of General Revenue include the motor vehicle sales and rental taxes, the oil and natural gas production taxes, the franchise tax, insurance taxes and lottery proceeds. Reserved from 2016-17 revenue collections will be an estimated $5.0 billion representing oil and natural gas revenues to be deposited to the ESF and the State Highway Fund.Significantly bolstering the anticipated revenue collections in 2016-17 is the ending 2014-15 General Revenue-related balance, projected to be $7.5 billion. This projected ending balance reflects better-than-expected revenue collections, including the positive effects of robust oil and natural gas activity over the past several years. The ending balance also reflects reduced state spending, notably from strongly rising local property tax collections by school districts which serve to supplant state funds for public education purposes.In addition to the General Revenue-related funds, the state is expected to collect in 2016-17 $72.9 billion in federal receipts and other revenues dedicated for specific purposes and, therefore, unavailable for general-purpose spending. Revenue collections from all sources and for all purposes should total $220.9 billion.Absent any appropriations by the Legislature, the ESF balance is expected to be $11.1 billion at the end of the 2016-17 biennium, below the ESF constitutional limit of an estimated $16.1 billion.
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